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Standard Cost and Flexible Budget. Brier Company produces car covers. The company's master budget shows the...
Rain Gear, Inc., produces rain jackets. The master budget shows the following standards information and indicates the company expected to produce and sell 28,000 units for the year. Variable manufacturing overhead is allocated based on direct labor hours. Direct materials 4 yards per unit at $3 per yard Direct labor 2 hours per unit at $10 per hour Variable mfg OH 2 direct labor hours per unit at $4 per hour Rain Gear actually produced and sold 30,000 units for...
Flandro Company uses a standard cost system and sets its predetermined overhead rate on the basis of direct labor-hours. The following data are taken from the company's planning budget for the current year: Denominator activity (direct labor-hours) Variable manufacturing overhead coat Fixed manufacturing overhead coat $ 4,250 The standard cost card for the company's only product is given below. Standard Inputs Direct materials Direct labor Mutacturing overhead Total standard cost per Standard Quantity Dr Hours yards 2 hours 2 hour...
Rudd Clothiers is a small company that manufactures tall-men’s suits. The company has used a standard cost accounting system. In May 2020, 10,100 suits were produced. The following standard and actual cost data applied to the month of May when normal capacity was 14,000 direct labor hours. All materials purchased were used. Cost Element Standard (per unit) Actual Direct materials 7 yards at $4.70 per yard $322,200 for 71,600 yards ($4.50 per yard) Direct labor 1.20 hours at $13.00 per...
Crystal Glassware Company has the following standards and flexible-budget data. Standard variable-overhead rate Standard quantity of direct labor Budgeted fixed overhead Budgeted output $ 6.00 per direct-labor hour 2 hours per unit of output $144,000 24,000 units Actual results for April are as follows: 1 + Actual output Actual variable overhead Actual fixed overhead Actual direct labor 17,000 units $306,000 $141,000 50,000 hours Required: Use the variance formulas to compute the following variances. (Indicate the effect of each variance by...
ABC Company has the following standards and flexible budget data: Standard Variable Overhead Rate $5.40 Per direct labour hour Standard quantity of direct labor $1.80 hours per unit of output Budgeted fixed overhead rate $100,000 Budgeted Output 25,000 units Standard Variable Overhead $10.80 per unit Standard Fixed Overhead $3.60 per unit Actual Results for November are given below: Actual Output 30,000 units Actual variable overhead $360,000 Actual Fixed Overhead $106,000 Actual Direct Labor 56,000 hours REQUIRED: A) Variable manufacturing overhead...
The standard cost sheet for Chambers Company, which manufactures one product, follows: Direct materials, 40 yards at $3.00 per yard $ 120 Direct labor, 5 hours at $30 per hour 150 Factory overhead applied at 70% of direct labor (variable costs = $70; fixed costs = $35) 105 Variable selling and administrative 74 Fixed selling and administrative 50 Total unit costs $ 499 Standards have been computed based on a master budget activity level of 29,800 direct labor-hours...
DC Company has set the following standards in order to produce one unit of product: standard quantity standard price direct materials 2.7 yards ?? per yard direct labor 2 hours $14 per hour variable overhead 2 hours ?? per hour During August, DC Company spent $133,770 to purchase direct materials and had direct labor totaling $189,440. During August, DC Company used 16,000 yards of direct materials in the production of units. DC had 2,500 yards of materials in its August...
Flandro Company uses a standard cost system and sets its predetermined overhead rate on the basis of direct labor-hours. The following data are taken from the company’s planning budget for the current year: Denominator activity (direct labor-hours) 12,000 Variable manufacturing overhead cost $ 37,200 Fixed manufacturing overhead cost $ 103,200 The standard cost card for the company’s only product is given below: Required: 1. Create a new standard cost card that separates the variable manufacturing overhead per unit and the...
FULL SCREtN PRINTER VERSION ㅖ BACK NEXT Rudd Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. In May 2017, 10,100 suits were produced. The following standard and actual cost data applied to the month of May when normal capacity was 14,000 direct labor hours. All materials purchased were used. Standard (per unit) Actual Cost Element Direct materials Direct labor Overhead 9 yards at $4.00 per yard 1.10 hours at $14.00...
STANDARD COST SYSTEMS Maple Company's flexible budget, based upon the number of equivalent units produced, called for the use of 5,000 square yards of fabric at a standard cost of $2.45 per square yard. The Production Department actually used 5,200 square yards costing $2.35 per square yard during June. * Show calculations 1)Compute the amount of favorable/unfavorable materials price variance for Maple Company for June. 2)Compute the amount of favorable/unfavorable materials quantity variance for Maple Company for June. 3)Write the...